What happens to people's crypto currencies when they die?

[Bookwormlux]

A lot of people are investing their money in crypto currencies with the hope that it is going to appreciate in the future, most of these people often opt for long term investment as it provides a better avenue to make better and significant profits without having to bother about any small drop in price of the crypto currencies.

With all these, what is going to happen to one's crypto currencies stored in their wallet when they die? I do not think there are any plans by these exchange platforms to let you indicate what will happen to your crypto currency after you die.
It is now left for us all to let our family members or trusted friends to know our login details. It should not be that your family members are dying when you have enough money in your crypto wallet and they have no knowledge about it.

What do you think?

 

[Josemendez]

There was a post I made with respect to securing your wallet and ensuring that your coins is not lost after your death . Go to my profile you will see it.

Unfortunately , statistics has shown that greater percentage of lost bitcoin is as a result of those belonging to people that died without sharing their private keys with someone. This is why we have to share our private key with someone we trust ,so that if anything happens to us , our coins won't be lost forever.

So , the answer to your question is this ; the coins are not lost if the person shared his private key with another person ,less the coin is lost forever. Hope this was helpful ?

 

[Bookwormlux]

There was a post I made with respect to securing your wallet and ensuring that your coins is not lost after your death . Go to my profile you will see it.

Unfortunately , statistics has shown that greater percentage of lost bitcoin is as a result of those belonging to people that died without sharing their private keys with someone. This is why we have to share our private key with someone we trust ,so that if anything happens to us , our coins won't be lost forever.

So , the answer to your question is this ; the coins are not lost if the person shared his private key with another person ,less the coin is lost forever. Hope this was helpful ?

Yeah, it was really helpful. But can't the exchange sites on which those coins were stored be able to figure out there is something wrong with someone's wallet? Like when they realize that a particular wallet has been inactive for years, can't they take over all the coins in the wallet, instead of allowing them to be lost forever? At least there needs to be a regulation that would ensure something is done to handle a situation like this one.

Even if it means that the exchange platforms be mandated to donate such lost coins to charity or the government instead of allowing them to be lost forever. What do you think?

 

[cmoneyspinner]

Can't speak for other countries but in America you can make preparations for another party to inherit your coins. Legally you can prepare a will. From what I have read about this the only major problem would be if the private key to the wallet is lost. If that happens, the cryptocurrency is lost forever! So if you want to pass on your stored coins, be sure that the person or persons you want to give them know how to get them!

What happens to your Bitcoin when you die?

 

[Ralphjoe]

Well this is a big issue for Cryptocurrency ownership due to the fact that when the owner of any cryptocurrency wallet dies, that person's wallet can no longer accessible by anyone and it will remain dormant forever. I don't think that even the exchange platform itself can even access it.
The only solution that I can suggest for this is that everyone that has a Cryptocurrency wallet should always endeavor to disclose their keys to a trusted friend or family member, that way the wallet won't go to waste when that person dies.

 

[Bookwormlux]

Well this is a big issue for Cryptocurrency ownership due to the fact that when the owner of any cryptocurrency wallet dies, that person's wallet can no longer accessible by anyone and it will remain dormant forever. I don't think that even the exchange platform itself can even access it.
The only solution that I can suggest for this is that everyone that has a Cryptocurrency wallet should always endeavor to disclose their keys to a trusted friend or family member, that way the wallet won't go to waste when that person dies.

This is so unfortunate then, especially if you think about how many people that may have lost their Bitcoin via this means. I believe it is always important for individuals to have a book where they would always keep their information (sensitive ones like security keys of different platforms). This would help you in case you get yo forget it.

When people die and they have got crypto currencies in their wallet, maybe a relative of theirs could be lucky enough to see the login details written in a book and this will help them to recover the coin.
I believe all exchange platforms have password recovery option in order to avoid these issues.